Toledo Museum of Art

Analysis

Toledo Museum of Art is a registered charity in United States, based in Toledo, OH. It received its IRS tax-exemption ruling in July 1934, 92 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Toledo Museum of Art reported income of $72.0m and spending of $29.6m, leaving 59% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $26.5m to $72.0m (+172%), an average of +28% a year. The sharpest change came in the year to June 2023, when income rose by 149%. Over the whole period it spent 75% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Toledo Museum of Art sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within OH. Charities of a similar size with the same main cause include California Academy of Sciences ($71.5m), Museum of Science ($72.5m) and Detroit Institute of Arts ($71.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 21% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $644k (2.2% of expenses). At year end it held assets of $376.2m against liabilities of $5.2m, net assets of $371.0m. It reported 355 employees.